Kirk Adams : Hi - this generally depends on what the lender approves.
Kirk Adams : MOST OF THE TIME, lenders in a short sale will require the partes to sign documents stating that this is an arm's length transaction and that there is no side deal between the owner and buyer..
Kirk Adams : What this means is that MANY lenders will not approve a short sale if it believes or knows that the buyer is going to turn around and rent the property back to the seller for an extended period of time.
Kirk Adams : SO, if your lender places some conditions like this on the transaction, you would have to abide by them.
Kirk Adams : When we spoke earlier, you asked about staying there for some time until you found a new place, and that's usually allowed.
Kirk Adams : BUT, it's usually not allowed for a long period of time AND if you're wanting to pay rent, that could be an issue too.
Kirk Adams : It all depends on what conditions the lender places on the transaction.
Customer: It is allowed then at least 90 days? If this was a foreclosure house, will this be allowed to stay for any time?
Customer: So if the new owner let the previous owner stay in the house until she finds a new place, shd she not pay anything so there will not be an issue?